朗新科技集团股份有限公司 证券代码：300682 证券简称：朗新集团 公告编号：2025-043 朗新科技集团股份有限公司 关于控股股东及其一致行动人部分股份 质押、解除质押的公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 朗新科技集团股份有限公司（以下简称"公司"或"本公司"）于近日接到 公司控股股东及其一致行动人无锡朴华股权投资合伙企业（有限合伙）（以下简 称"无锡朴华"）、无锡群英股权投资合伙企业（有限合伙）（以下简称"无锡 群英"）以及徐长军先生所持本公司部分股份质押、解除质押的通知，具体情况 如下： 一、股东股份质押、解除质押的情况 | | | | 占其 | 占公 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 是否为控股 | 本次质 | 所持 | 司总 | | 是否 | | | | | | 股东 | 股东或第一 | 押数量 | 股份 | 股本 | 是否 | 为补 | 质押 | 质押 | | 质押 | | | | | | | ...

Core Insights - The year 2025 is projected to be a turning point for stablecoins, transitioning from the periphery to mainstream adoption, with a global market cap exceeding $250 billion and annual transaction volume surpassing $35 trillion, outpacing Visa and Mastercard combined [1][3][4] Regulatory Framework - A global regulatory framework for stablecoins is taking shape, with major financial centers establishing clear compliance paths, marking 2025 as a watershed year for stablecoin regulation [3][4] - Hong Kong's Stablecoin Ordinance, effective August 1, 2025, introduces a licensing system for fiat-backed stablecoin issuers, balancing financial stability and innovation [3] - The U.S. GENIUS Act aims to create a comprehensive legal and regulatory framework for payment stablecoins, emphasizing the maintenance of the dollar's dominance and implementing tiered regulation [4] - The EU's MiCA regulation, effective from 2025, focuses on unified regulation to protect consumers and market integrity, requiring stablecoin issuers to register within the EU [4][5] Market Dynamics - Traditional financial institutions and tech giants are rapidly entering the stablecoin space, expanding its use from crypto trading to real-world payment solutions [8][9] - Major banks in the U.S. are exploring the launch of stablecoins, with institutions like JPMorgan and Bank of America in preliminary discussions [8] - Payment giants like Visa and Mastercard are accelerating their stablecoin initiatives, with Visa collaborating with crypto exchanges for cross-border transactions and Mastercard launching comprehensive stablecoin payment solutions [9] Cross-Border Payment Revolution - Stablecoins are positioned to revolutionize cross-border payments, addressing inefficiencies in traditional financial systems and offering a more flexible regulatory environment [10] - The ability of stablecoins to facilitate peer-to-peer transactions without relying on local banking systems makes them particularly suitable for emerging markets [10] Real World Assets (RWA) - The rise of stablecoins is facilitating the tokenization of real-world assets (RWA), enhancing liquidity and reducing transaction costs [11][14] - Major financial institutions are actively exploring RWA tokenization, with significant projects underway in the U.S., Dubai, and Hong Kong [13][14] - The global RWA market is projected to reach $16 trillion by 2030, with stablecoins expected to penetrate 30%-50% of this market [14]

Investment Rating - The report maintains a "no rating" status for the company [2][3][7] Core Viewpoints - The report highlights that global sovereign wealth funds are increasing their allocation to Chinese assets, particularly in digital technology, advanced manufacturing, and clean energy [4] - The company, GCL-Poly Energy Holdings Limited, is positioned to benefit as a leading operator of renewable energy RWA (Real World Asset) services in China [3][7] - The report projects the company's net profit for 2025-2027 to be 900 million, 983 million, and 1.054 billion RMB, representing year-on-year growth of 84%, 9%, and 7% respectively [3][7] Financial Projections - The company is expected to achieve revenues of 10.9 billion, 11.5 billion, and 11.9 billion RMB for 2025, 2026, and 2027, with corresponding year-on-year growth rates of 11.3%, 5.5%, and 3.5% [8] - The projected PE ratios for 2025, 2026, and 2027 are 22.3, 20.4, and 19.0 respectively [3][8] - The EBIT margin is expected to be 16.3%, 16.9%, and 17.4% for the years 2025, 2026, and 2027 [8][11]

在应对气候变化和推动可持续发展的全球共识下，构建高效、安全、有韧性的清洁能源供应链，已成为 推动能源绿色低碳转型的关键任务。在7月16日于北京举办的第三届链博会清洁能源主题活动上，与会 专家指出，当前产业仍面临研发投入高和企业生存需压低成本之间的矛盾，未来要重点构建技术、产 业、资金正向循环机制，破解产业困局。 能源绿色转型深入推进 "绿色低碳是全球发展的主旋律，清洁能源是推动行业变革的主战场。"山东能源集团有限公司董事长李 伟介绍说，当前，全球新一轮能源科技革命加速推进，传统化石能源清洁高效利用、新能源大规模开发 利用、先进能源装备和关键材料、绿氢和碳捕集等技术已实现重大突破。 以新能源大规模开发利用为例，中国国家能源局党组成员、总经济师鲁俊岭指出，我国已经建成全球最 大、最完整的新能源产业链。 鲁俊岭强调，要统筹好新能源和传统能源的发展关系，做好"立"与"破"的充分衔接。他说："2024年我 国油气总产量首次超过了4亿吨的油当量，发电量达到了10万亿千瓦时，煤、油、气、核、可再生能源 等多轮驱动的能源供应系统日臻成熟，保障了14亿多人的用能需求。" 机械工业环保中心主任贾中华则指出，得益于产业政策和市场化 ...

智通财经APP获悉，招银国际发布研报称，RWA代币化即现实世界资产通过代币化方式在区块链上交易 和流通，基于智能合约等机制，加密资产1比1锚定现实世界资产。RWA代币化基本可覆盖所有传统资 产，包括债券、股权等金融资产以及地产、黄金、原油等实物资产。 RWA代币化核心价值在于：1)降低交易成本，提高交易效率;2)提升资产交易的流动性和灵活性，触达 更多投资者;3)优化资产价格发现机制。截至1H25全球代币化资产总市值已超230亿美元，随着监管完 善、生态发展以及更多传统资产参与到代币化项目，全球代币化资产总市场规模有望超18万亿美元。产 业中，该行看好具备技术实力、合规能力和客户渠道优势的RWA发行平台与技术方案提供商。 招银国际主要观点如下： 全球代币化资产总市场规模有望超18万亿美元 截至1H25，全球代币化资产(不含稳定币)总市值已超过230亿美元，同比增长约260%，主要得益于更清 晰的监管框架及区块链技术的迭代(数据来源：RedStone)。更多资管机构和金融科技公司正在推动各类 不同资产的代币化，包括美国国债、私募债、股票等。展望RWA代币化市场长期空间，理论上商品、 债券、权益、货币、房地产、私 ...

Group 1 - The core viewpoint of the event emphasizes that "source-network-load-storage integration" is essential for building a new power system amid the accelerating global energy transition [1] - Wuxi is highlighted as a key hub for the new energy industry in the Yangtze River Delta, with a call for leveraging technology, capital, and market advantages to promote collaborative innovation in the industry chain [1] - The event serves as a significant platform for showcasing new technologies, products, and achievements in the renewable energy sector, facilitating communication and cooperation among industry players [1] Group 2 - Over 100 participants from upstream and downstream companies of the source-network-load-storage industry chain, industry associations, and media representatives attended the meeting to discuss high-quality development paths for the renewable energy industry [2] - Several companies, including GCL Group, Longxin Technology, and Far East Smart Energy, expressed confidence and expectations for the exhibition and the development of the renewable energy industry during the signing session [2] - The event featured the global launch of Longxin Technology's AI model for renewable energy, which garnered significant attention and discussion among attendees [1][2]

Group 1 - The core viewpoint of the article is the significant rise of stablecoins following the passage of the GENIUS Act in the U.S., which establishes a regulatory framework for stablecoins, defining their characteristics and requirements for reserves and transparency [2][3][21] - The GENIUS Act is seen as a pivotal moment for global stablecoin legislation, providing a regulatory anchor that could influence international standards [2][21] - Following the regulatory developments, cryptocurrencies like Bitcoin and Ethereum experienced substantial gains, and related stocks in the Hong Kong market also performed strongly [3] Group 2 - JD.com's founder, Liu Qiangdong, announced the launch of a stablecoin project aimed at revolutionizing cross-border payments, indicating a growing interest in stablecoin initiatives among major companies [3] - Ant Group's subsidiary, Ant Digital Technology, has initiated the application for a stablecoin license in Hong Kong, reflecting the company's commitment to expanding its presence in the stablecoin market [3][15] - Ant Digital Technology is also actively developing Real World Assets (RWA) projects, which involve tokenizing physical assets for blockchain transactions, showcasing a dual strategy in the digital finance space [3][11] Group 3 - The relationship between stablecoins and RWAs is highlighted, with stablecoins potentially serving as a bridge between traditional finance and tokenized assets, thus expanding market opportunities [15][11] - Ant Digital Technology's RWA projects focus on renewable energy assets, which are deemed suitable for tokenization due to their stable cash flows and regulatory friendliness [11][12] - The company has successfully completed multiple RWA projects, demonstrating its capability to innovate within the regulatory framework while providing technological support for asset tokenization [8][9][12] Group 4 - The article discusses the competitive landscape in the RWA sector, noting that other major players like Tencent, Baidu, and JD.com are also exploring RWA applications, albeit in different areas [17] - Ant Digital Technology's approach is characterized as both advanced and cautious, balancing innovation with regulatory compliance [17] - The establishment of Ant Digital Technology's overseas headquarters in Hong Kong signifies its ambition to connect Chinese assets with global investors, enhancing its strategic positioning [18] Group 5 - The article emphasizes the global trend towards stablecoin and RWA collaboration, with various countries exploring regulatory frameworks to facilitate these developments [19][22] - In China, local governments are piloting RWA initiatives, focusing on non-securitized assets like solar energy and charging stations, indicating a cautious but progressive approach to digital asset regulation [21][22] - The ongoing exploration of stablecoin and RWA integration reflects a broader movement towards digital finance innovation, with early adopters likely to gain a competitive edge [22]

Core Viewpoint - The AI Fund Jin Ying Dividend Value Mixed A (210002) reported a profit of 40.54 million yuan in Q2 2025, with a net asset value growth rate of 2.02% for the period, and a total fund size of 1.587 billion yuan as of the end of Q2 2025 [3][16]. Group 1: Fund Performance - The fund's profit for Q2 2025 was 40.54 million yuan, with a weighted average profit per fund share of 0.0574 yuan [3]. - As of July 18, the fund's unit net value was 2.185 yuan [3]. - The fund's net value growth rates over various periods are as follows: 9.11% over the last three months, 10.33% over the last six months, 31.67% over the last year, and 54.99% over the last three years [4]. Group 2: Fund Management Insights - The fund management anticipates that export data will face challenges due to factors such as increased tariffs and export rush in Q2, but expects domestic economic data to remain stable and improve due to strong domestic growth policies and supportive monetary and fiscal measures [3]. - The management is optimistic about the third quarter, citing breakthroughs in the domestic technology sector and new policies in emerging industries that could boost market sentiment [3]. Group 3: Fund Metrics - The fund's three-year Sharpe ratio is 0.828, ranking 12 out of 875 comparable funds [9]. - The maximum drawdown over the last three years was 28.29%, with the largest single-quarter drawdown occurring in Q1 2024 at 24.63% [11]. - The average stock position over the last three years was 71.44%, compared to the industry average of 80.43% [14]. Group 4: Fund Holdings - As of Q2 2025, the top ten holdings of the fund include companies such as Langxin Group, Tailin Micro, GoerTek, Hongsoft Technology, Shandong Gold, Industrial Securities, State Grid Information Communication, Huanxu Electronics, Lens Technology, and CITIC Securities [19].

行业报告 | 行业点评 计算机 证券研究报告 场景广度决定，稳定币未来谁将领跑 7 月 19 日，美国总统特朗普正式签署《GENIUS 法案》，为美国境内合法 使用稳定币建立监管框架。特朗普称其可能是「自互联网诞生以来最伟大 的金融科技革命」。稳定币行业催化不断，针对后市演绎，我们做出以下判 断。 1、发币方是稳定币产业链价值链核心，而场景是关键中的关键 参考美元稳定币发展，中国香港稳定币发币方利润有望快速体现并且具备可 观的空间。货币价值的网络效应决定，发币方需与场景运营方深度合作才 能跑出。比如 Circle 与 Coinbase 深度合作，进而跃居行业 TOP2。 2、支付场景中，小商品城、中油资本所在的相关场景进出口总额超万亿 不同于美元稳定币以 Defi 项目交易为主，港元稳定币侧重在跨境支付。根 据义乌海关，2024 年义乌进出口总额 6689 亿元，对"一带一路"国家合金 进出口 4133 亿元，占同期义乌进出口总值 61.8%。中国 24 年原油进口金额 约 2.31 万亿人民币，管道天然气进口金额 1501.77 亿人民币。基于此，我 们看好小商品城、中油资本的卡位优势。 3、交易所和跨境支 ...

Investment Rating - The report maintains a "Recommended" rating for the industry [1] Core Insights - The photovoltaic supply-side reform continues to advance, with Gansu's energy storage capacity price mechanism being implemented, which is expected to enhance the stability of independent storage revenue [4][5] - The wind power sector is entering a high prosperity cycle, with several companies forecasting significant year-on-year profit growth for Q2 2025 [4][5] - The energy storage market is seeing policy support in both domestic and European markets, with Gansu's new capacity price mechanism and various incentives in Europe expected to boost project economics [5][6] Summary by Sections Photovoltaic Sector - Supply-side reforms are being enforced with a focus on maintaining prices above production costs, which may lead to the elimination of outdated production capacity [4][5] - Demand remains weak in the domestic distributed market, with expectations of a slight decline in production schedules for July [4][5] Wind Power Sector - The wind power sector is experiencing a surge in new installations, with a 134% year-on-year increase in cumulative new installations from January to May 2025 [4][5] - Companies like Dajin Heavy Industry and Zhongcai Technology are expected to see substantial profit growth in Q2 2025 [4][5] Energy Storage Sector - Gansu's new capacity price mechanism is set at 330 RMB/kW/year, which is anticipated to provide fixed subsidies for independent storage [5][6] - The domestic energy storage market is projected to reach 70-80 GWh in installed capacity by the second half of 2025 [5][6] Lithium Battery Sector - Companies are actively advancing solid-state battery technologies, with significant orders and production milestones being reported [6] - The electric heavy truck market is showing strong growth, with a 158% year-on-year increase in sales for June 2025 [6] Grid and Infrastructure - The inclusion of the Ganjiang-Gannan ultra-high voltage AC project in the national power development plan is expected to enhance the stability of the power grid [8]